Binance Seeks to ‘Work Closely’ with Malaysian Crypto Exchanges

Monday, 06/06/2022 | 20:15 GMT by Felipe Erazo
  • The exchange wants to work closely with companies like MX Global Sdn Bhd.
  • Changpeng Zhao made the announcement at an event hosted by MX Global.
Changpeng Zhao
Changpeng Zhao (Source: PC Tech Mag)

Binance, a major cryptocurrency exchange, said that it looks forward to working closely with Malaysian crypto exchanges to strengthen awareness among users of the industry.

According to the New Straits Times, the announcement was made by Changpeng Zhao, Binance’s Co-Founder and CEO, at MX Global’s ‘Crypto Market Trends and Future Opportunities’ hosted in the Putrajaya Marriott Hotel and attended by about 250 guests. ‘CZ’ commented that among the crypto exchanges include MX Global Sdn Bhd.

Representatives from the Securities Commission (SC), Bursa Malaysia, and corporate Malaysia attended the event. “What we believe at MX Global is that the future will be crypto. The future will be regulated. Working closely with the Securities Commission, we want to ensure that the products that we introduce to the Malaysian market are worthy and safe for the investors to participate in this global wave of innovation,” Datuk Fadzli Shah, MX Global’s Chief Executive Officer, commented.

He added: “As Binance owns the most robust and widely used platform in the world, MX Global could make use of the analysis of Binance’s trading activities as an effort to keep the market safe on its platforms.”

Binance announced its first equity investment in MX Global in March. Shah said that MX Global is examining the elements that can be replicated in the Malaysian environment. “The industry is large enough that for the average consumers when we want to reach mass adoption, we do need regulations. We need some guidelines to operate in, and we would very much like to work with our partners and regulators to shape that together. Protecting users costs a lot of money in the short term, but in the long run it will be a big win,” he pointed out.

Binance in Italy

Recently, Binance got the green light from the Italian regulators after receiving approval from the country’s watchdog as a Cryptocurrency Service Provider.

Binance, a major cryptocurrency exchange, said that it looks forward to working closely with Malaysian crypto exchanges to strengthen awareness among users of the industry.

According to the New Straits Times, the announcement was made by Changpeng Zhao, Binance’s Co-Founder and CEO, at MX Global’s ‘Crypto Market Trends and Future Opportunities’ hosted in the Putrajaya Marriott Hotel and attended by about 250 guests. ‘CZ’ commented that among the crypto exchanges include MX Global Sdn Bhd.

Representatives from the Securities Commission (SC), Bursa Malaysia, and corporate Malaysia attended the event. “What we believe at MX Global is that the future will be crypto. The future will be regulated. Working closely with the Securities Commission, we want to ensure that the products that we introduce to the Malaysian market are worthy and safe for the investors to participate in this global wave of innovation,” Datuk Fadzli Shah, MX Global’s Chief Executive Officer, commented.

He added: “As Binance owns the most robust and widely used platform in the world, MX Global could make use of the analysis of Binance’s trading activities as an effort to keep the market safe on its platforms.”

Binance announced its first equity investment in MX Global in March. Shah said that MX Global is examining the elements that can be replicated in the Malaysian environment. “The industry is large enough that for the average consumers when we want to reach mass adoption, we do need regulations. We need some guidelines to operate in, and we would very much like to work with our partners and regulators to shape that together. Protecting users costs a lot of money in the short term, but in the long run it will be a big win,” he pointed out.

Binance in Italy

Recently, Binance got the green light from the Italian regulators after receiving approval from the country’s watchdog as a Cryptocurrency Service Provider.

About the Author: Felipe Erazo
Felipe Erazo
  • 1036 Articles
  • 46 Followers
Felipe earned a degree in journalism at the University of Chile with the highest honour in the overall ranking, and he also holds a Bachelor of Arts in Social Communication. In addition, he has been working as a freelance writer and Forex/crypto analyst, with experience gained from several forex broker firms and crypto-related media outlets around the world. He has been involved in the world of online forex trading since 2010 and in the crypto sphere since 2015.

More from the Author

CryptoCurrency